Butterfly Network (NYSE:BFLY) Given New $4.00 Price Target at Lake Street Capital

Butterfly Network (NYSE:BFLY - Free Report) had its price objective reduced by Lake Street Capital from $5.00 to $4.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Separately, William Blair assumed coverage on Butterfly Network in a research report on Monday, March 17th. They set an "outperform" rating on the stock.

Butterfly Network Stock Performance

Shares of Butterfly Network stock traded down $0.04 on Monday, reaching $2.23. 2,699,534 shares of the company were exchanged, compared to its average volume of 2,901,325. Butterfly Network has a 1-year low of $0.82 and a 1-year high of $4.98. The company's 50-day moving average is $2.44 and its two-hundred day moving average is $3.08. The firm has a market cap of $551.45 million, a price-to-earnings ratio of -4.85 and a beta of 2.59.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its earnings results on Friday, May 2nd. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.03. The firm had revenue of $21.23 million for the quarter, compared to the consensus estimate of $21.16 million. Butterfly Network had a negative return on equity of 42.68% and a negative net margin of 129.25%. As a group, sell-side analysts forecast that Butterfly Network will post -0.35 earnings per share for the current year.

Insider Transactions at Butterfly Network

In other Butterfly Network news, EVP Heather C. Getz sold 65,456 shares of the business's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $2.20, for a total value of $144,003.20. Following the completion of the sale, the executive vice president now directly owns 2,919,274 shares of the company's stock, valued at $6,422,402.80. The trade was a 2.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Joseph Devivo sold 320,215 shares of the stock in a transaction on Friday, April 25th. The stock was sold at an average price of $2.44, for a total transaction of $781,324.60. Following the transaction, the chief executive officer now owns 7,249,789 shares in the company, valued at approximately $17,689,485.16. This trade represents a 4.23 % decrease in their position. The disclosure for this sale can be found here. 27.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Butterfly Network

Several hedge funds and other institutional investors have recently made changes to their positions in BFLY. Deutsche Bank AG acquired a new position in shares of Butterfly Network during the first quarter valued at about $31,000. Charles Schwab Investment Management Inc. raised its holdings in Butterfly Network by 7.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,003,940 shares of the company's stock valued at $2,289,000 after acquiring an additional 68,110 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Butterfly Network by 15.6% in the 1st quarter. Vanguard Group Inc. now owns 8,598,823 shares of the company's stock worth $19,605,000 after acquiring an additional 1,161,647 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in shares of Butterfly Network by 141.6% in the 1st quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 57,620 shares of the company's stock worth $131,000 after acquiring an additional 33,770 shares during the period. Finally, Blair William & Co. IL grew its holdings in shares of Butterfly Network by 40.8% during the 1st quarter. Blair William & Co. IL now owns 103,500 shares of the company's stock worth $236,000 after purchasing an additional 30,000 shares in the last quarter. 37.85% of the stock is owned by institutional investors and hedge funds.

About Butterfly Network

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.